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What is the bad debt expense for the year for jakobi jeweler

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Reference no: EM133007271

Problem 1: Jakobi Jewelers estimates bad debt expense as 5% of sales. During 2020, Jakobi reported sales of $1,000,000 and recorded accounts receivables write-offs of $10,000. What is the bad debt expense for the year 2020?

Option 1: $60,000
Option 2: $50,000
Option 3: $10,000
Option 4: $40,000
Option 5: None of the answers are correct

Reference no: EM133007271

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